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<r <br />in the Moorings because he could afford it, but now lives in a more modest home, which is <br />becoming less and less affordable. He recalled that when Kyle's Run came to the Board <br />it was to be for local residents and yet each of the residents who gave testimony at this <br />meeting had come from the north. He stressed that for a tax break, the need for the tax is not <br />eliminated the cost is just spread out to others. <br />Bobby Klein. an attorney representing the developer (Brisben Company) of The <br />Palms of Vero Beach, appreciated the consideration mentioned earlier by Mr. Baird. He <br />wanted to clarify the difference between his client's project financing from The Richman <br />Group's. His client does not need any contributions, nor "net present value", or anything <br />like that from Indian River County. They were asking for direction to staff to advertise for <br />public hearing on April 4th in order to ask the Board to consider approval of the issuance of <br />industrial revenue bonds for which the Brisben Company would be the sole responsible party <br />for payment. (See item 7.J.) The bonds are a financing tool issued to finance a project. <br />Elska Forbes was present on behalf of her family on a project which is also trying <br />to compete for some type of bond money. She was not familiar with how it works, but felt <br />this was an interesting 11th hour move. Her family had previously lost a deal on their <br />property because of the cost of utilities. She asked if the County would give the same <br />consideration to all the developers on the impact fees. <br />Ms. Merchant appreciated someone else pointing out they were on a different track. <br />The Richman Group's application is the only viable one for the 2001 funding cycle. The <br />option they have on the property is also contingent on the Board's decision. She again asked <br />for the Board's favorable consideration. <br />Mr Fabbri expressed a willingness to sit down with staff to come to an agreement <br />with which staff would be comfortable. <br />Chairman Ginn reiterated her opposition to approving anything until the policy is in <br />March 6, 2001 <br />96 <br />BK 1 1 PG PG <br />